Moving current account. Any tips to avoid problems?

Retired_Minky

I'm moving to Barclays.

Need to move all my direct debits and standing orders.

Anybody with any advice to avoid problems?

Do I have to move all the DD/SO's myself or can I get help?

ShelfStacker_3

First of all, nice move on relocating from the frying pan into the fire.

Secondly, they can help you, but it's best if you don't. Try and get an overdraft limit set up on your old account (or leave some cash in there) so if something goes awry you won't be in the brown stuff, and contact the companies who you have your Direct Debits with to change your details held with them.

That's the way I've always done it... bear in mind that some companies take a longer time than others to change DD details, hence the need for an overdraft or other bit of money in the old account.

Scousebird_2

ShelfStacker wrote: »

First of all, nice move on relocating from the frying pan into the fire. ;)quote]

Hahahahaha!!! Trust you ShelfStacker, that tickled me that lol!! Funny!!

Retired_Minky

Thanks shelfstacker.

No choice but to go with Barclays as the balance in my current account will offset my new mortgage with them.

Will keep my old account open with a view to going back once I've paid off or moved my mortgage.

Didn't know the bank could help you move the DD's and SO's. Would they call all the companies concerned? How do they get the details. Would my original bank pass them on?

Also why not use Barclays if they can do all the work for you?

terafarma

binning wrote: »

I'm moving to Barclays.

Need to move all my direct debits and standing orders.

Anybody with any advice to avoid problems?

Do I have to move all the DD/SO's myself or can I get help?

I'll suggest you do it yourself to help keep your sanity and any unnecessary aggro from the banks you are hoping to transfer to, i.e. Barclays, and the unnamed bank you'll be transferring from.

It saves a lot of headache tablets and burst blood vessels. And as advised by Shelfstacker above, do leave some cash handy in both bank accounts in case of any ???? with SO/DD going awry, hopefully not.

ShelfStacker_3

binning wrote: »

Also why not use Barclays if they can do all the work for you?

Because generally they can and often do screw things up for you and then charge you for the privilege. Trust me, it's best to spend half an hour making sure it's done properly than let Barclays spend half a month and mess everything up.

There's only two occasions when it's a good idea to let the bank take over: when they'll cover you for their cockups (the Co-Op have a guarantee scheme where they'll give you a tenner if they screw up, and Alliance and Leicester give you a free overdraft for your first month to tide things over) or when they give you an incentive for doing so (First Direct's £100 offer or HSBC's £50 offer for example). Other than that, steer well clear, this forum is filled with horror stories about either the bank you're leaving or the bank you're joining or both finding new and inventive ways to make it a pain in the !!!! for all concerned...

doelani

I used to work in the "switching " department for a bank and very rarely did it go without a problem lol

Whe I moved accounts I changed all my DD myself by contactingt he company teh day after the DD was paid which left a month for it to be set up on new account. Once it was all done I then closed first account.

If I was ever changing bank again I would do the same thing, it can go right I am sure, we only heard from customers it went wrong for lol

KiKi

One tip: move ALL your DDs and SOs yourself. Don't leave it up to Barclays.

For SOs - cancel them with your current bank (online or over the phone) and then set them up yourself with Barclays online. Make sure you take the company's (the one you have an SO going to) sort code, account number and reference number (if applicable) so that you can set up the SO yourself. The company cannot do or change this for you.

For DDs - call every company you have a DD with, and ask them to change to the details of Barclays:
* open your Barclays account first
* call each company you have a DD with at least two weeks before the next DD is due to leave your account, and ask them to change your current bank details to your new one
* check the DD has been set up on your Barclays account 3-4 days later
* assuming it has been set up, then make sure you cancel the DD with your current bank (you can't just tell the company, you have to actually cancel the DD with your current bank, too)
* personally, I would re-call the companies to double check the new set up a few days before the DD is due to leave as a precaution

And - most obviously - make sure you have enough cash to cover the DDs coming out of each account until they're all swapped over...clearly, this is easier if they all come out around the same time!


Leaving this kind of very easy administration to a bank is usually likely to end in disaster in my experience...they have millions of accounts to deal with, and they don't take every care or double check the details. The problems that can ensue are not worth the hassle IMO!

KiKi

Retired_Minky

Thanks for all the advice.

Will do this myself now to avoid any potential hassle.

Didn't relise the banks could have so many problems with this process.

tenmah

Hi

Sorry to hijack the thread, but I am in a similar position.

I am changing from Barclays to Alliance & Leicester as they offer 0% on an overdraft, but the terms state that I have to use their switching service in order for them to match my overdrat, which currently is £2650.

Do you think i should still phone each company that I have DD's with anyway to ensure they have the new details, and if so when should I do it because I won't know when A&L will have contacted them?

Thanks
Tenmah

KiKi

tenmah - If you have to use their service then do. But I would do as you suggest, and call the companies to check it's been done. A&L will not go out of their way to ensure that they are all switched within a month, so it will be up to you to make sure you have enough cash in each account to cover any DDs coming out. Only way to do this is to check yourself with the companies you have DDs with.

Ask A&L when they'll start changing the DDs over, and how long it will take for them all to move. You have every right to ask because you need to know how much money to keep in your Barclays account to pay DDs that haven't moved, yet.


binning - the process itself is easy. It's just that they're not going to pay careful attention, or check your account for you to see if you have enough money to pay the DDs, and they're not going to ensure it all happens before each next DD is paid. They'll make one phonecall and won't follow it up unless a problem is highlighted to them. They're just not proactive or detail conscious. When it's your own money and you're doing it yourself, you can bet that each DD will be moved in a week and that you will make sure yourself that you have enough cash to pay!

KiKi